This will be the last Daily News for 2011! It is hard to believe that this year went by so fast. I’m optimistic about 2012 and hope that you are as well!
Here are the news articles you might find interesting today for commercial real estate and business:
To view this weeks Costar Watchlist, click here.
Arizona Production & Packaging signs lease at Opus Commons Arizona Production & Packaging, which bottles and distributes beverages from around the world, has signed a lease for 56,800 square feet at the Opus Commons industrial building, 7255 S. Kyrene Road in Tempe. The length and financial terms of the lease were not disclosed. View article…
Home Depot to close Phoenix warehouses, moving distribution to California Home Depot Inc. is closing distribution centers in west Phoenix and will move those supply-chain operations to Riverside, Calif., next year. The west Phoenix warehouse operations being relocated are run by Long Beach, Calif.-based UTI Worldwide for Home Depot. The change will result in 144 UTI warehouse workers being laid off next year. View article…
MARCUS & MILLICHAP SELLS A 2,964-SQUARE FOOT SINGLE-TENANT NET-LEASED BUILDING Marcus & Millichap Real Estate Investment Services has announced the sale of Whataburger, a 2,964-Square Foot Single-Tenant Net-Leased property located in Scottsdale, AZ, according to Richard A Bird, Regional Manager of the firm’s Las Vegas office. The asset commanded a sales price of $1,800,000. View article…
Grubb & Ellis Company Represents Mitel Networks Corporation in 83,264-Square-Foot Lease for North American Headquarters Grubb & Ellis Company today announced that it represented Mitel Networks Corporation in a 10-year lease for approximately 83,264 square feet of office space at Riverview Point in Mesa for its North American headquarters. Robert Stephens, Tricia Gumulka and, Kurt Saulnier represented Mitel. Mitel will relocate its headquarters to 1146 N. Alma School Road from its current location in Chandler in summer 2012. The global provider of business communications and collaboration software and services will use the space for engineering and diagnostic testing, as well as its internal university. View article…
Scottsdale Desert Center plans press on amid cost concerns Scottsdale is forging ahead with planning efforts to build a $74 million desert nature center at the base of the McDowell Mountains that supporters predict will become a major Valley tourist attraction. As the local economy still struggles to emerge from the effects of the recession, officials have been refining plans for the long-awaited Desert Discovery Center project. View article…
Retail sector perks up in six states, Arizona remains near bottom of pack Things may be looking up for the retail sector, but it’s still a long way from a full recovery. Just six of the 50 states have more retail jobs today than they did at the end of 2006, according to an On Numbers analysis of U.S. Bureau of Labor Statistics data. View article…
Higher Rates in Offing for Commercial Owners Interest rates are at the lowest levels in decades, but commercial property owners looking to refinance shouldn’t expect to lock in those rates any longer. At the height of the boom years, many owners of office buildings, hotels, shopping malls and other commercial real estate financed their properties using five-year mortgages, most of which are set to mature next year. View article…
Phoenix housing market may be on rebound Phoenix’s home price numbers went up in December, whereas most other major cities saw drops. Jeff Christian of Courtney Valleywide Properties said the snow birds, or winter visitors, are the ones to thank. “With our weather being as good as it is, people are coming from colder states and Canada to take advantage of our market,” he said. View article…
Developer to restart downtown Chandler townhouses He has been called a visionary whose renovations of historic buildings helped spur revitalization of downtown Chandler. But Neils Kreipke didn’t foresee one of the nation’s worst recessions when he started building luxury central-city townhouses in 2007 months before the housing bubble burst. Now Kreipke said the tough years appear to be over; his development company, Desert Viking, will start construction next month on the final phase of the 79-unit San Marcos Townhomes southwest of Arizona Avenue and Chandler Boulevard. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate! Investment, multi-tenant retail center. For a brochure, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.